The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - Equities closed mixed yesterday with the SPX closing 0.37% higher and NDQ down 0.2%. Futures are pointing a tiny bit lower this morning. There seems to have been a bit of a rally in interest rates recently which now puts the curve at 398/352/342/363bps across 2/5/10/30y. To me it still feels like there is somewhat of a continued disagreement between the market and the Fed but whether we see any actual rate cuts this year feels extremely uncertain and probably unlikely to me barring a material decline in the banking sector. Something worth bearing in mind btw that happened over the weekend is that OPEC cut oil production so we have seen quite a significant rally in crude which shot up from $68 to $80. Not much more to add here as we continue the countdown to payrolls on Friday.
CRYPTO - Some interesting price action in the last 24H; BTC has lost some steam and fallen back to 27.8K while ETH has managed to maintain a level above 1800. Interestingly, altcoins have all also held in relatively well. This takes the BTC dominance level down to 47.4% and tbh I still can't quite get my head around how alts seem to be moving vs BTC atm. Of course, the big thing to mention is the fact that Twitter changed its logo to that of a Doge yesterday and we saw $DOGE spike to as high as 0.1 which is almost 100% off recent lows. It's another testament to how much power and influence Elon Musk has lol. It also begs the question as to whether there will end up being any actual use case for $DOGE in Twitter. TBH I can think of multiple ways it could.
NFTs - Of course the Elon shenanigans continued as he posted a jpeg of 6529's Seize the Memes of Production which subsequently spiked from 0.6ETH to 4ETH before falling back lower. Gotta love NFT Degens. Elsewhere Nakamigos spiked to a floor of north of 0.8ETH before falling back down to 0.67ETH as high activity continues there. What's worth noting is the % listed has climbed to a whopping 15.5% (an increase in 815 listings). What is encouraging to see is the unique owners has risen by 224, well, that's either encouraging or 224 new people have become exit liquidity for whales lol. Other than that it seems pretty quiet out there but it does continue to feel like there is some sort of a local bottom here in NFTs as most projects seem to have stabilised and are consolidating around here.
GL today!
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